Sunday, October 26, 2014

Kevin O'Leary: Cold Hard Truth On Men, Women and Money

Knocked off Kevin O'Leary's Cold Hard Truth On Men, Women & Money50 Common Money Mistakes and How to Fix Them (2013, 2014) in less than twenty-four hours. It's an entertaining, compelling book that has something pragmatic to relate to just about anyone (at least in North America). Useful for brushing up on one's approach to money and finances in a holistic manner, regardless of age or socioeconomic status. On first read (there will be a second, taking notes), I found it refreshingly direct and no-nonsense, with interesting background details about the author's family and upbringing (Canadian with Lebanese and Irish ancestry -- cool grandmother, mother, stepfather and wife, among others).

A few basics include: if in debt, put all power into getting out of it as efficiently as possible; sock away at least ten percent in savings per payday or via other sources of income; budget five percent of out-flow for five worthy non-profits (some people tithe ten percent to religious or secular organizations, but O'Leary's approach is five). And: quality over quantity is a good rule of thumb. Prioritize, think, plan, review and do. He considers various types of "money pits" (such as automobiles), too. All interesting. If one took away even one or two points not previously considered (or forgotten along the way), this would be well worth a close gander. Good time to read it -- just before the holidays when many people tend to go overboard.

Today's Rune: Wholeness.      


Charles Gramlich said...

I've only seen bits and pieces of Shark Tank and am not a fan. Don't much care for this guy in particular but I bet he knows his stuff. Could be interesting reading and I'd probably learn quite a bit.

Barbara Bruederlin said...

The Spousal Unit watches Dragons' Den all the time, and although I find O'Leary to be abrasive, I can imagine his hard-nosed approach to money would make for a very sensible book.

jodi said...

Erik, Blech!! I hate money advise! I'm a tightwad about some things, but please don't make me drive a cheap ride!

jodi said...

ADVICE! And also, life is most definitely too short for cheap wine!

Luma Rosa said...

Hi, Erik!
The author has not been published in Brazil, but I think good people interested in financial education, even to treat money with more respect, because it depend on to survive.
Good week!!